1. Field of the Invention
The present invention relates to the field of data management and, more specifically, the present invention relates to the field of management of data in a cooperative environment over a communications network.
2. Description of the Related Art
With the rise of crowd-sourced databases, wikis and collaborative web sites today, data management in a cooperative environment is a topical subject. Management of data in a central repository to which high numbers of users have access, however, poses a unique set of challenges. Users must be provided with access to the central repository but not unfettered access. Users must be able to upload or update data to the central repository but there must be a mechanism for checking the accuracy or reputation of the data. Data, and its quality, must be protected but subject to change if appropriate. Users with a good reputation must be separated from users with a bad reputation. Likewise, data with high reputation must be separated from data with low reputation. Lastly, there must be a financially feasible way to operate the central repository.
The problems posed above for cooperative data repositories are further compounded when dealing with certain industries, such as the financial services industry. Due to the high volume and high complexity of data associated with the financial services industry, the central repository must be scalable and support increasingly complex types of data. Also, due to the regulatory restrictions of the industry, the central repository must be amenable to management of varying data types.
Various approaches to the problems of cooperative data repositories have been disclosed. One popular approach, often employed by online wikis, involves allowing the crowd to decide how data should be uploaded or updated in the central repository. Any registered user is typically allowed to update data in the wiki's central repository, though the crowd may decide whether the update is appropriate. Thus, after data is uploaded or modified, the crowd is given an opportunity to weigh in on the credibility of the data. Another approach to the problem of data management in a cooperative environment involves the use of ratings provided by a crowd. Often used in online auction sites, the crowd provides ratings on the reputation or credibility of a registered client or provider, such that subsequent users of the system may consider the ratings information when interacting with said client or provider.
These approaches, however, have their drawbacks. One problem with said approaches is their limited profitability. Online wikis, for example, have historically had problems turning a profit, thereby calling into the question the feasibility of such a system. Another problem with said approaches is the lack of the ability to maintain a high quality of the data in the central repository. Since the integrity of the data in the central repository is fundamental to the long term viability of a cooperative data repository, inability to maintain high quality data frustrates the purpose of the system.
Therefore, what is needed is a system and method for improving the problems with the prior art, and more particularly for a more efficient method and system for managing large amounts of data in a central repository to which high numbers of users have access over a communications network.